Right, according to investedcentral.com radio trader guy - the MACD is one of the most powerful indicators for indexes.
stockcharts.com[m,a]daclyyay[pb50!b200][vc60][iUh14,3!La12,26,9]&pref=G
And given this chart it looks to me like further down trend - if only every so slightly in the MACD.
www.elliotician.com - I have downloaded the software here and will try to install it in the next few days. Have you looked at QuoteTracker? It comes highly recommended here on SI. I think it will interface with your ameritrade data
quotetracker.com I used it the first time friday with my scottrade and was inundated with a lot of new INFO that I am going to have to learn - but it looks VERY powerful over that very simple scottrade service and its FREE - simplicity is key to me though and the power may be too much.
You say you wouldn't believe in spiraltrader - yet the link you give me gold-eagle.com says this:
Over the past 123 years 76 years have been up years or the Fibonacci 61.8%.
So they mention fibonacci - spiraltrader is all about fibonacci - from thier faq:
spiraltrader.com
So what's so special about these spirals that allow them to find patterns in stock charts?
The spirals generated by our software are based on the Fibonacci sequence. That alone is not much of an answer, but if you take into account that 40-45 % of all trading is done by software programs, and much of the algorithm for these programs is written using Fibonacci buy/sell signals, it is easy to see how these programs will leave their "Finger Prints" on the charts. The spirals are just uncovering these finger prints which are absolutely invisible to the naked eye.
If you know the support/resistance concept, it may be been in terms of trend lines, Fibonacci retracements, and chart patterns (triangles, head & shoulders, cup & handle, double bottom...). Now get ready for support/resistance based on time analysis.
spiraltrader.com
Trading is all about competition. To make better decisions you must have an arsenal of analysis tools better than your competition. Just knowing about trend lines, Fibonacci retracements and chart patterns creates trading opportunities. Knowing how to analyze a chart with spirals will create dozens of more trading opportunities.
Spirals highlight support/resistance unseen by the naked eye and all other analysis tools. They are incredibly accurate. The challenge for new traders is to translate what you read here into a profitable trading strategy. From many years of trading with spirals, we have taken several patterns which repeatedly occur for any stock, commodity, and currency and have put names and descriptions on them for teaching purposes.
The software is free MOO - and very easy even for a dummy like me to figure out in a few minutes - you really think it is junk after trying it?
I used it on the 6 month NDX chart and it seems to predict pefectly the trend lines and break points over that period. If I am understanding correctly - it is predicting a drop in the NDX over the next few months - a new yearly low.
amazon.com
More on Spirals from SI:
Message 21209645
Nothing is written or published anywhere on the use of the spiral as I use it, my specific application of the spiral is my own invention... but you could find several posts on this thread a few months back, these posts will tell how I apply it... I find the spiral to be a stunning trading tool, it's the most remarkable and amazing single tool in my bag, by far, it seems to tell market direction, and shows market turns, at what price levels, and within a day or so... others use it along with other tools, but for me, this is all I look at these days...
GZ
That spiral is nothing like mine, it doesn't have the true Fib relationship required to make it work as it should in real time... no one applies the spiral the way I do, this is not intended as a boast, but just that no one has ever demonstrated anything like it... Jeff is right, he has developed a software that makes it easy to apply and read on any chart, I've been eyeballing the patterns for a long time, but his software takes all the guesswork and doubt out of what I'm looking at... once we have it all together, I believe we'll market the package as a powerful trading tool which anyone can use...
The spiral I use looks exactly like this one...
ttrader.com
GZ
Interesting discussion, I believe "your" spiral is discussed in detail in the New Fibonacci Trader book by Robert Fischer. It includes software to draw spirals as well.
With him, the spirals are tied closely with the A-B-C elliot wave reversal.
Message 21280227
No wiggles visible to me anywhere, but the pattern on all the major indices are still looking promising, the spiral has been pointing higher for about a week already... prices are sitting just on spiral support, but have moved away from it very nicely on Friday, I think we'll see that rally soon enough, of course Friday's strong upswing may have only been the beginning of this coming rally, now with only another 3 weeks time remaining in this spiral with an optimal price destination of around 1225.00 to 1230.00ish...
GZ
So he says the SPIRAL says UP, but I see it saying down, he is probably more studied than me, I have to read more.
More comments found on SI:
Morning Jeff,
The relationship between price and time within the spiral is in specific relationship to 1.618.... certainly reducing the spillover at the wall and knowing the direction of the move off the wall would increase profits.
These two people have applied their own insights in that direction, although I like Fischers work the best, Morge also has proven to be insightful.
Fischer
fibotrader.com
Morge
action-reaction.com |
